Dow cuts costs and jobs

Dow has announced multiple actions to reduce its costs. Chair and CEO Jim Fitterling (pictured) said that the actions “support our commitment to our long-term growth objectives, while aligning spending levels to the realities of the current macroeconomic environment”. It will evaluate further options as 2025 progresses. 

The aim is to achieve $1 billion in cost savings on an annual run-rate through, with $500-700 million coming in direct costs, mainly purchased services and third-party contract labour. The company will also cut about 1,500 jobs. It will take $250-325 million charge in Q1 for costs, primarily for severance and related benefit costs, and will incur $2-30 million to implement this.